My husband and I have about $54,000 in revoving debt or $1800 in monthly debt payments. Our gross monthly income is $11,000. Can I qualify for a?

Asked by Dallas Mom, 75205 Wed Apr 7, 2010

$400000 mortgage with 5% down. My credit score is 730 and his is 701.

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5
Susie Reichl…, , Dallas County, TX
Fri Feb 4, 2011
There are some other things we would need to discuss, like other payments, like car payments.

If you want to initially talk to an experience agent, contaact me and we can discuss it. The next step woould br to talk to a good loan officer.

Suaie
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Thu Apr 8, 2010
hi..it would probably work...but i have no budget for taxes and insurance other than a ballpark...also...no interest rate and amortization.....or if you have reserve monies or not.....and if so...how much?...really need more info...specifically, what are the monthly debts for?..and waht constitutes the monthly income...gross?.i would go ahead and pre-approve...best regards...bob mcclure- first preferred mortgage- southfield, michigan....
0 votes
Helen Karuba, Agent, Dallas, TX
Thu Apr 8, 2010
Depends on your ratios and several other things. Best place to start is talking with a great lender. I can refer if you need. Also, for the $54,000 in revloving debt...the best thing you could ever do for yourself is get out from under that debt. Check out http://www.daveramsey.com. It works and you never have to worry about being in debt again! Paying over 10% of your monthly income in revolving is highway robbery!
Best of luck
Helen
214-534-2020
0 votes
Becky Carr, , Dallas County, TX
Wed Apr 7, 2010
Contact me at beckyc@coldwellbanker.com and I can give you a lender who will get this answer for you very quickly. If you qualify, she can probably let you know in the same day or at the latest, the following day. Your scores sound good, but debt ratio might be an issue...depends though, so contact me and I'll give you the info.

Thanks!


Becky
0 votes
Patrick Thies, Agent, Anytown, IL
Wed Apr 7, 2010
You can ask any lender in your area (without any obligation) and they will be able to let you know if you qualify for a loan. There are alot of things that go into qualifying for a loan in this current market.
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